A brand is the collection of feelings, thoughts, emotions and experiences (negative or positive) one person has about your product, service or company. Valuations of the top companies in the world suggest that close to thirty to seventy percent of the company’s value (all assets included) account for brand equity.
A strong focused brand makes it easier for the customer to buy and makes it easier for the sales force to sell. It is this premise that makes brand development an important central aspect of starting and growing a business.
A brand must be relevant, believable and defendable to thrive. A strong brand stands for something and stands out from its category. It’s relevant to those who come into contact with it. And it’s believable, because it’s built on credibility and a compelling truth. The most compelling brands claim the highest ground — they own a mindset. Volvo and safety. Nike and performance. Harley-Davidson and freedom. Energizer and longevity. So what’s your brand position? Is there one word you can own?
The truth is we live in a branded world. Whether you choose to invest in your brand or not, a brand exists that represents your company’s products and/or services – good or bad. Below is a list of why top companies invest in their brand.